A year ago, Penn State's was ranked as the 10th-most valuable by college football program in an analysis published by The Wall Street Journal.
This year, they are out of the top-10.
The study listed Penn State at No. 12 with an estimated value of $549,497,000, which is up from $481.39 million from a year ago.
In explaining the analysis, which comes from Indiana University-Purdue University Columbus professor of finance Ryan Brewer, the WSJ writes:
"The study broke down each program's most recently available revenues and expenses, from 2016, making cash-flow adjustments, risk assessments and growth projections.